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2022 Revenue & 2023-2025 Growth Projections

May 2023

U.S. Podcast Advertising

Revenue Study

PwC | IAB FY 2022 Podcast Ad Revenue Study 2

Table of Contents

Foreword3

SponsorThankYou4

ExecutiveSummary5

MarketSize&Growth6

Ad Categories & Content Genres8

Key Industry Developments & Recommendations13

Appendix17

Definitions and Survey Options

Study Scope and Methodology

About this Study

About IAB and PwC

Contacts: IAB and PwC

PwC | IAB FY 2022 Podcast Ad Revenue Study

PwC | IAB FY 2022 Podcast Ad Revenue Study 3

Foreword

Following a year of unprecedented growth for the overall digital advertising industry in 2021, 2022 was a year of headwinds related to a slowing economy resulting in pullbacks on advertising and marketing spend. Despite these macroeconomic factors, U.S. podcast ad revenues showed resilienceby growing 26% year-over-year to $1.8 billion. In fact, podcasting continues to be one of the fastest growing digital channels, outpacing the total internet ad market (+11% year-over-year*).

Podcasting ad revenues in 2022 were driven by:

A listenership that continues to expand, diversify, and increase total time spent Podcast creatorsmeeting consumer demand in the production of increasingly distinct and engaging content. As a result, both existing and new advertisers across multiple ad categories are increasing ad spend. On the heels of this product evolution and advertising growth, IAB anticipates further advertiser demand, growth in programmatic buying, advancements in brand safety, and the application of attention measurement to the podcasting ecosystem. See pages 13-15 for key industry developments as well as recommendations for how to capitalize on these trends.

How to Leverage This Report

This seventh annual IAB U.S. Podcast

Advertising Revenue study, prepared for IAB

quantifies annual podcast advertising revenues generated over the past year, analyzes revenue share by ad category and content genre, and forecasts future revenues through 2025.

Publishers: Benchmarkrevenue

performance against the industry, differentiate offerings, and identify potential monetization opportunities.

Ad Buyers:Gain insights into the latest

opportunities available for investment and sponsorships.

Ad Tech/ Data Companies:Market-size

the industry and identify opportunities for new market solutions and services. PwC | IAB FY 2022 Podcast Ad Revenue Study *2022 PwC / IAB Internet Advertising Revenue Report

PwC | IAB FY 2022 Podcast Ad Revenue Study 4

Any trademarks included are trademarks of their respective owners and are not affiliated with, nor endorsed by, PricewaterhouseCoopers LLP, its subsidiaries or affiliates

Thanks to the 2022 U.S. Podcast Advertising Revenue Study Sponsors

PwC | IAB FY 2022 Podcast Ad Revenue Study

Executive Summary

5PwC | IAB FY 2022 Podcast Ad Revenue Study

Despite economic headwinds, podcast ad revenues posted significant growth in 2022. Up 26% year-over-year, podcasting continues to be one of the fastest growing digital channelsgrowing two times faster than digital advertising overall (+11%*). Revenues are projected to more than double between 2022-2025 to ~$4 billion. Revenue growth is being fueled by investment from advertisers across multiple categories and genres. Advertisers across a collection of small categories are driving 28% of all revenuesindicating that the value of the channel is widely recognized. For the first time since 2018, news is no longer the top revenue genre as the return of live, in-person sporting and lifestyle events generated greater interestwhile interest in news and political opinion content abated. *IAB 2022 Internet Advertising Revenue Report

PwC | IAB FY 2022 Podcast Ad Revenue Study

6

Market Size and Growth:

U.S. 2022 Advertising Revenues

& 2023-2025 Growth Projections

PwC | IAB FY 2022 Podcast Ad Revenue Study

$105.7$169.1 $313.9 $479.1 $708.1 $842.3 $1,448.7 $1,825.3

20152016201720182019202020212022

7

U.S. Market Podcast Ad Revenues

(2015-2022, $ millions)

60%86%

53%
48%
19% 72%
26%

Podcasting continues to be one of the

fastest growing digital channelsposting higher growth rates than social media (4%), paid search (8%), display (12%), digital video (19%), and digital audio overall (21%).* *2022 PwC / IAB Internet Advertising Revenue Report Revenues grew more than twice as fast as total internet ad revenue (+11%). Despite economic headwinds, podcast ad revenues posted strong growth in 2022, +26% to $1.8B

PwC | IAB FY 2022 Podcast Ad Revenue Study

8 U.S. Market Podcast Ad Revenue Percentage Share by Quarter (2017-2022) Note: 1| Based on self-reported data 2| Percentage share total may not equal 100% due to rounding

Typically

in ad spend as the year progressed. the lowest level seen in the last six years Q4 Q3 Q2 Q1

PwC | IAB FY 2022 Podcast Ad Revenue Study

$842.3 $1,448.7 $1,825.3 $2,277.6 $3,249.1 $3,982.8

2020202120222023 Est.2024 Est.2025 Est.

9 U.S. Market Podcast Ad Revenues Growth Projections (2023-2025, $ millions) 72%
26%
25%
43%
23%
Podcast revenues are projected to more than double between 2022-2025 and approach $4B

PwC | IAB FY 2022 Podcast Ad Revenue Study

10

Ad Categories

& Content Genres

PwC | IAB FY 2022 Podcast Ad Revenue Study

11 Podcast Ad Revenue Percentage Share by Industry Category (2021-2022)

Note: 1| Data in bars are rounded 2| Based on self-reported data 3|Excludes Retail DTC due to a lack of submission data for this particular categoryYoY

*Other includes Other, please specify: (24.9%) made up of Energy, Government, Non-Profit, Advocacy, Tech, Law, Pets, Sports, Religion & Spirituality as well as other, smaller categories: Education (0.8%),Home Improvement / Furnishings (2.0%), Gambling / Sports Betting

(0.3%); Pharmaceuticals includes 2022 Pharmaceuticals (2.4%), Health / Wellness (4.2%); CPG includes 2022 Consumer Packaged Goods (9.7%), Baby / Child / Parenting (0.1%), Beauty / Cosmetics (0.3%); Retail includes 2022 Retail (Brick & Mortar / eCommerce) (7.8%),

Apparel / Fashion / Accessories (1.5); Beverages & Restaurantsinclude 2022 Beverages (0.2%), Restaurants (0.9%)

**U.S. Department of Commerce, 2/17/23 that in aggregate account for a greater share (28%) than each of the individual, high revenue categories. The volume of low revenue and accessibility to a breadth of consumer/B2B product and service advertisers.

Additionally, retail saw an increase in share YoY

as consumer spending in stores rebounded in

2022 and returned to pre-pandemic levels**.

There is a wide range of advertising categories that podcasting appeals to

Other*Financial

services Arts,

Entertainment

& Media

CPG*Retail*Pharma,

Healthcare,

Drugs,

Remedies*

TelcoAutomotive /

Automotive

Services

B2BTravel &

Tourism

Professional

Services for

non-Business

Entities

Beverage &

Restaurants*

PwC | IAB FY 2022 Podcast Ad Revenue Study

12 Podcast Ad Revenue Percentage Share by Content Genre (2021-2022) Note: 1| Data in bars are rounded 2| Based on self-reported data 3|

Additional genres not shown:Religion & Spirituality (0.5%), Technology (0.6%), Science (0.4%), Fiction (0.4%), Kids & Family (0.3%), Education (0.1%) and, Leisure (0.02%)

*Reconciled to align with 2019 genre categories: News includes 2022 News (11.9%), Political Opinion Left (0.0%), Political Opinion Right (0.0%), Political Opinion Center (0.1%); Health & Fitnessincludes 2022 Physical Health & Fitness (0.4%),

Mental / Emotional Health (1.3%)

**Axios, 1/3/23; 7/12/22 News is no longer the top revenue genrefor the first time since 2018

Sports, society and culture, and comedy

revenues have overtaken news as major live, in-person sporting and lifestyle events returned, while news and political opinion is attributable to 2021 being an election year combined with signs of waning consumer interest in news in 2022**.

PwC | IAB FY 2022 Podcast Ad Revenue Study

13

Key Industry Developments

& Recommendations

PwC | IAB FY 2022 Podcast Ad Revenue Study

Key Industry Developments & Recommendations

14

1Growth in Programmatic Buying: Programmatic buying

is expected to grow in response to advertiser demand for contextual audience targeting that enables the generation of advanced user insights.

To power this growth, IAB and IAB Tech Lab are

facilitating buyer-seller collaboration to standardize signals and enable the ecosystem to provide the same level of transparency into podcast that advertisers have into other digital channels. Review and contribute

Programmatic Signaling for

Podcast Inventoryopen for public comment.

It is evident that, even in a down economy, advertisers turn to podcasting as a channel to meet the increased

listener demand for diverse, engaging content that aligns with their interests. As the podcast advertising landscape matures, below are a few key industry developments followed by recommendations for how to capitalize on these trends. Advancements in Brand Safety: Last year, the podcast industry made great advancements in brand safety and suitability targeting solutions via contextual transcript analysisincluding the opportunity to exclude individual podcast episodes. As a result, advertiser awareness of these solutions are expected to grow and thus, advertisers will be more likely to tap into them. To aid in this process, IAB is proposing the creation of a centralized Transcription Clearing Houseto enable podcast ad tech providers to more easily provide brand safety and suitability results to advertisers at scaleand therefore further support programmatic activations. 2

PwC | IAB FY 2022 Podcast Ad Revenue Study

Key Industry Developments & Recommendations

15 3 4 The Rise of the Attention Economy: As the overall digital advertising measurement discussion evolves from an opportunity-to- see/listen toattention and business outcomes, podcast advertising is expected to further interest ad buyers looking to reach consumers who IAB is spearheading initiatives to set standards/benchmarks for how new attention metrics can be applied across media channels, including podcasting, and inform media channel conversation. Go hereto learn more and hereto sign up. II:

2023 Podcast Report Part II which will examine the drivers, strategies,

and tactics related to 2022 revenues as well as, for the first time ever, will be

PwC | IAB FY 2022 Podcast Ad Revenue Study

16

Appendix

PwC | IAB FY 2022 Podcast Ad Revenue Study

Definitions and Survey Options

17

TerminologyDefinitionSurvey Options

Industry CategoryBusiness categories

into which Podcast advertisers may be grouped

Apparel/Fashion Accessories (Men/Women) Automotive / Automotive Services Arts, Entertainment & Media (Streaming Services, Movies, Dance,

Theater, Concerts, Opera, Amusement Parks, Games, Books -Audio and Bound, Music, Magazines, Newspapers, Websites, Apps, DVDs, Radio and

Television Networks/Stations/Programming) Baby/Child/Parenting Beauty/Cosmetics Beverage (Alcohol / Beer / Wine) Business-to-Business

(Business conducted between one business and another such as a wholesaler and retailer) Consumer Packaged Goods (CPG) Education

Gambling/Sports Betting Health/Wellness (including Fitness, Diet, Yoga, Meditation, etc.) Financial Services (Banks, Insurance, Securities, Mortgages,

Financial Services Software) Home Improvement/Furnishings Pharmaceuticals (OTC and DTC) Professional Services for non-Business Entities

Restaurants/bars Retail (Brick & Mortar / eCommerce) Retail Direct-to-Consumer (companies whose revenue is attained predominantly through E-

commerce) Telecommunications (Telephony, Mobile Service Providers, Cable/Satellite TV services, ISPs, Wireless) Travel and Tourism

(Resorts/Hotels/Airlines) Other

Content GenreCategories of thematic

subject matter into which

Podcast programming

may be assigned

Arts Business Comedy Eco-conscious / Green Living Education Fiction History Kids & Family Mental / Emotional Health & Wellbeing Leisure

Music News Religion & Spirituality Political Opinion: Left-Leaning Political Opinion: Right-Leaning Political Opinion: Center / Bipartisan Physical

Health & Fitness Science Society & Culture Sports Technology True Crime TV & Film Other

PwC | IAB FY 2022 Podcast Ad Revenue Study

Study Scope and Methodology

18 Scope The Podcast Advertising Revenue Study is part of an ongoing IAB mission to provide a barometer of Podcast advertising growth in the U.S. IAB is committed to achieve differentiation from existing estimates and accomplish industry-wide acceptance. A short survey was distributed to Podcast companies in early 2023 with four key questions; understanding 2022 Podcast advertising revenues, forecasted revenue growth from 2023-2025 as well as revenue by industry category and content genre.

Key aspects to create this study include:

Podcast advertising revenues (publishers and advertising networks) responses for this data may vary from total responses if some companies choose not to respond to every question in the survey and reasonable estimates for non-survey participating companies this study

Methodology

The methodology evolved from the methodology used to create the full-year internet advertising revenue report since 1996.

The reporting process includes:

revenue generators industry players, including Podcast publishers and advertising networks quarterly net commissionable advertising revenue by Podcast content genre, and advertising industry category deliver a reasonable estimate of the market in the United States, inclusive of non-survey participating companies

PwC | IAB FY 2022 Podcast Ad Revenue Study

About this Study

19

released annually. Commissioned by the Interactive Advertising Bureau's (IAB) Audio Industry Working Group in 2017, this

study uses data and information reported directly to PwC from companies that generate revenue on Podcast platforms. The

results reported are considered to be a reasonable measurement of Podcast advertising revenues because much of the data

is compiled directly from the revenue generating companies.

The report is conducted independently by PwC, including research by their in-house market research team, PwC Research, on

behalf of the IAB. PwC does not audit the information and provides no opinion or other form of assurance with respect to the

information. Only aggregate results are published, and individual company information is held in strict confidence with PwC.

Further details regarding scope and methodology are provided in the appendix of this report.

PwC | IAB FY 2022 Podcast Ad Revenue Study

About IAB and PwC

20

The Interactive Advertising Bureau empowers the media and marketing industries to thrive in the digital economy. Its membership

comprises more than 700 leading media companies, brands, agencies, and the technology firms responsible for selling, delivering,and

optimizing digital ad marketing campaigns. The trade group fields critical research on interactive advertising, while also educating brands,

agencies, and the wider business community on the importance of digital marketing. In affiliation with the IAB Tech Lab, IAB develops

technical standards and solutions. IAB is committed to professional development and elevating the knowledge, skills, expertise, and

diversity of the workforce across the industry. Through the work of its public policy office in Washington, D.C., the trade association

advocates for its members and promotes the value of the interactive advertising industry to legislators and policymakers. Founded in

1996, IAB is headquartered in New York City.

anies, titioners

serving TMT clients in the United States, PwC is deeply committed to providing clients with industry experience and resources. In recent

years, our work in TMT has included helping our clients to develop strategies to leverage digital technology, identifying newsources of

financing, and marketplace positioning in industries characterized by consolidation and transformation. Our experience reaches across all

geographies and segments, including broadband, wireless, film, television, music, publishing, advertising, gaming, sports, themeparks,

oseat hand to provide deep industry knowledge and resources

PwC | IAB FY 2022 Podcast Ad Revenue Study

Contacts: IAB and PwC

21

New YorkSeattle

Chris Bruderle

Vice President, Industry Insights & Content Strategy chris@iab.com

CJ Bangah

Digital Platform Subsector Leader

christina.j.bangah@pwc.com

New YorkPhiladelphia

Meredith Guiness

Senior Manager, Research & Insights

meredith@iab.com

Stephen Krasnow

Senior Manager, Customer Transformation

stephen.krasnow@pwc.com

PwC has exercised reasonable care in the collecting, processing and reporting of this information but has not independently verified, validated, or audited the data to verify the accuracy or completeness

of the information. PwC gives no express or implied warranties, including but not limited to any warranties of merchantability or fitness for a particular purpose or use and shall not be liable to any entity or

person using this document, or have any liability with respect to this document. This content is for general information purposes only, and should not be used as a substitute for consultation with

professional advisors pwc.com

Thank you

© 2023 PwC. All rights reserved. PwC refers to the U.S. member firm or one of its subsidiaries or affiliates, and may sometimes refer to the PwC network. Each member firm is a separate legal entity. Please see

www.pwc.com/structure for further details. This content is for general information purposes only, and should not be used as asubstitute for consultation with professional advisors.

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